Ever imagined how the insurance sector can be aligned with the emerging blockchain technology for the benefit of its users?
Simply put, a platform that will protect cryptocurrency investors from cyber network hacks while eliminating existing barriers to entry of the insurance sector to emerging markets?
It’s impressive to note how the blockchain technology is disrupting various sectors nowadays. The manner in which this decentralized innovation is revolutionizing how business is conducted is marvelous. But amidst the many ways blockchain technology is impacting modern-day businesses is PolicyPal Network, an ambitious project expected to unify fields of insurance and crypto-assets.
Welcome To PolicyPal Network
‘What is PolicyPal Network?’ you may be wondering.
Well, it is a platform pegged on a twofold mission of addressing pertinent issues which overlay sectors of insurance and crypto-assets in the current world. Fundamentally, PolicyPal Network is designed to give peace of mind to cryptocurrency enthusiasts by providing the unbanked guaranteed mutual aid insurance-based protection.
The essence of having it built on top of the blockchain technology is to incorporate the vital aspects of transparency, accessibility and cost savings to its working. And since it will ease all elements of conflicts in traditional insurance models, PolicyPal Network will probably be the future of insurance for the unbanked and crypto-assets.
Why Act As Insurance For Cryptocurrency Investors
As at January 2018, the total market capitalization for crypto-assets stood at a whopping $700 billion. But one of the threats the industry faced was cyber network hacks that target wallets and exchanges.
With CryptoProtect, therefore, PolicyPal Network will underwrite investors whose funds are stored in the form of crypto-assets. On a broader perspective, CryptoProtect will be protected by an “AA” rated global insurer, thus making the whole system safe and trustworthy.
Why Insure Emerging Markets
Most of Asia’s 4.4 billion people have no valid insurance policy against a mortality protection gap of $58 trillion as at 2014. PolicyPal Network aims to lower the traditional barriers to entry for those who haven’t been banked.
Primarily, this will be possible through P2P mutual aid insurance program so that people get insured for less. And this will be possible through smart contracts that will handle matters around underwriting of policies and claims through the project’s blockchain.
A Little About PolicyPal
The project is a brainchild of PolicyPal, a Singapore-based Licensed Insurance Broker and Exempted Financial Advisor which allows individuals to evaluate, purchase, manage and optimize their insurance policies. PolicyPal commands a consumer base of more than 32,000 people in Singapore alone, despite the project being a little less than a year old.
The very similar project has become something of a novelty given the six awards and accolades it as so far amassed, including Orange Fab Asia and Google Asia Pacific StartonAndroid. Its developer, Val Yap recently featured as one of the “Forbes 30 under 30 Asia.”